HI THERE I AM THINKING OF BUYING A FEW IPS
AND I WANT TO MANAGE THEM MYSELF IS IT REALLY THAT HARD?
WHAT DO YOU DO WITH THINGS LIKE CONTRACTS
ANY HELP PEOPLE COULD GIVE ME WOULD BE GREATCHEERS
Murmur009,
It is not so hard managing your IP’s yourself so long as you have an understanding of the Residential Tenanices Act relevant to your state.
If you are not sure how to get started maybe you sould engage the services of a local estate agent to do what is called a “let only” which means they will find an approved tenant for your property and handle the lease agreements,bond lodgement and condition report for you. They will take the first months rent for you also.
Once the new tennat is all signed up and moved in the Estate Agent will then transfer the management of the property back to you which means you will not be paying the monthly management fee for them to collect rent.
For an estate agent to do all of this for you will probably cost you equivalent to two weeks rent on average. Ring your local agents for costs.
Regards Musmass[
]Hi,
Personally I think that a GOOD property manager earns every cent.
If you only intend to have 1 or 2 properties, then maybe go for it, but if you intend on building a portfolio, my advice is leave it all up the the experts. You get bogged down with bookkeeping as it is, without the added burden of collecting the money on time, and knowing all about the laws.
Of course there are some pretty average Propety Managers out there, so definately shop around, but I don’t have the time now to manage them myself.
Good luck,
Del
Well said Mus and Wil. We also don’t have the time to manage investment properties ourselves as there is a huge amount of paperwork/computer work in just keeping things up to date so next year’s tax is ready on time.
Just my thoughts, but even though I work casual in property management, I am more than happy to have all our properties professionally managed. A few of the reasons are some are interstate, time, don’t want to have such a raport with the tenant that should things go wrong, I would not be able to evict them, nor would I like to have to go to the tribunal or do 3 x monthly inspections or review the rent. When the time comes, ask around and see what you get for your money from several agencies and negotiate your rate.
Anna
HI THERE I AM THINKING OF BUYING A FEW IPS
AND I WANT TO MANAGE THEM MYSELF IS IT REALLY THAT HARD?
WHAT DO YOU DO WITH THINGS LIKE CONTRACTS
ANY HELP PEOPLE COULD GIVE ME WOULD BE GREATCHEERS
The fact that you are asking these questions would suggest that you still have a lot to learn about property investment and it would be false economy trying to save on agent’s fees.
have a look at these 12 probing questions you should ask when selecting your manageing agent. the report goes on to explain what a property manager actually does for you.
http://www.metropole.com.au/reports/bonus_report2.htm
Michael Yardney
Metropole Properties
http://www.metropole.com.authanks for your help everyone
Hi Michael,
I took the liberty of faxing your 12 questions to a few(5) REA’s to gauge their response and answers. Only 1 sent back answers to all the questions, 1 answered about 50% and the others I’m still waiting on. The questions are excellent for evaluating the different REA’s.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
]
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